Here is some more useful information I picked up for everyone to take a look at, hope you get some use from it.
The Simultaneous Second Mortgage is originated and closed in conjunction with a first mortgage to purchase and/or refinance a home.
So Who is The Target market?
You! The borrower that is seeking a lower payment than a high-LTV first mortgage and the simplicity of one loan closing.
What's in it for The Bank?
1. One-stop secondary marketing outlet for both first and second mortgages.
2. Offers a new product to supplement originations and increase the number of loan you currently have ongoing.
3. Consistent second lien standards, pricing, and technology. Up-to-date.
What's in it for Me?
The borrower save money because their monthly payment will be lower than it would be with a single, larger first mortgage, plus there's only one set of closing costs.
As always, take a look at your situation. See whats around and of course you can always check out the information here and verify it with your banker or mortgage officer.
All the best
Garret Belisle
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